Lowe Enterprises Investors (LEI,) on behalf of an investment client, has formed a new joint venture with TriBridge Residential to own and operate the City View Apartments at 433 Highland Avenue NE in Atlanta. City View is a 202-unit mid-rise apartment building built in 2003, located between Downtown and Midtown Atlanta in the emerging Old Fourth Ward submarket.
“At City View we have the opportunity to work with our new partner, TriBridge, to continue improvements and enhance operations at a property that is already performing well, in an area that is undergoing a rapid revitalization,” said Bleecker P. Seaman, co-CEO of Lowe Enterprises Investors. “As our multifamily investment management portfolio continues to expand, we will be actively seeking additional property acquisitions in the Southeast.”
The fully-leased gated community offers a mix of one-and two-bedroom units. LEI and TriBridge will complete improvements to the units, 40 percent of which have been recently upgraded, and to common areas to complement the recent renovation of the fitness center and resort-style pool. Unit improvements include granite countertops, new appliances and washers and dryers in all apartments. City View also offers a business center, covered parking, a meditation courtyard and car wash center.
“We are excited about the venture and our new relationship with Lowe Enterprises. City View is situated squarely in the path of BeltLine driven growth in the Old Fourth Ward/Inman Park submarket and we believe we are well-positioned to take advantage of that growth,” said Andy Green, vice president of acquisitions for TriBridge Residential.
City View features a 10,000-square-foot ground floor CVS Pharmacy and enjoys a prime location near major employers, Georgia State University, the restaurants and shops at Inman Park, newly-renovated Ponce City Market, as well as the Atlanta BeltLine and Freedom Park. It offers convenient access to I-75, I-85 and other major thoroughfares as well as the Atlanta Street Car transit system.
John Gaghan, vice president of LEI, and Andy Sands, senior vice president and director of LEI’s multifamily activities, led the acquisition team for Lowe Enterprises Investors. Andy Green, vice president, and Steve Broome, managing partner, led the acquisition team for TriBridge Residential. Derrick Bloom of JLL represented TriBridge Residential.
About TriBridge Residential
TriBridge Residential is a full-service multifamily investment, management and development company based in Atlanta, GA, with over 16,500 units and $1 billion in assets under management as of December 31, 2013. With 65 corporate professionals and 335 on-site staff, the firm focuses on markets in the Southeast and provides a vertically-integrated platform with a 20+ year track record through its subsidiaries and affiliates.
About Lowe Enterprises Investors
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm. Since inception in 1972, Lowe has acquired, developed or managed more than $21 billion of real estate assets. Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC. For more information about LEI, please visit: www.LoweInvestors.com
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Karen Diehl, 310-741-9097